Wesco Aircraft Holdings, Inc.
) reported second quarter fiscal 2014 adjusted earnings of 33 cents
per share, in line with the Zacks Consensus Estimate as well as the
The bottom line was driven by higher sales and the favorable
outcome from the Haas acquisition, partially offset by higher
selling, general and administrative expenses during the quarter.
Sales for the reported quarter increased 44.9% to a record $327.4
million from $225.9 million in the year-ago quarter. The top line
also surpassed the Zacks Consensus Estimate of $282.0 million by
Segmental revenues from North America were up 27.0% year over year.
The strong performance was driven by steady customer growth due to
Wesco Aircraft's growing global capabilities. It continued to focus
on increased bookings, contract extensions as well as contract
signing with new customers during this quarter.
The company also demonstrated strong international growth in the
reported quarter. Segmental revenues at Rest of World soared 112.0%
year over year driven by a solid overseas business.
Adjusted earnings before interest tax, depreciation and
amortization (EBITDA) were $54.4 million in the fiscal first
quarter of 2014, up 5.4% year over year.
Cash and cash equivalents as of Mar 31, 2014 were $49.2 million,
down from $78.7 million as of Sep 30, 2013. Long-term debt as of
Mar 31, 2014 was $1110.5 million, down from $568.0 million at the
end of fiscal 2013.
The company has increased its guidance for fiscal 2014 on the back
of strong financial performance, improvement in sales and quoting
activity and synergies from the Hass integration.
The company raised its top-line guidance for fiscal 2014 to the
range of $1.33 billion to $1.38 billion, reflecting growth of
approximately 48% to 53% over fiscal 2013 results.
Wesco Aircraft's improved guidance evoked a positive market
reaction with the shares gaining 4.22% to close at $21.72
Adjusted earnings per share are expected in the range of $1.33 to
$1.38, representing an increase of 9% to 13% from the prior year.
Lockheed Martin Corp.
) announced first quarter 2014 earnings of $2.87 per share,
surpassing the Zacks Consensus Estimate of $2.52 by 13.9%.
) reported first quarter 2014 adjusted earnings of $1.76 per share,
beating the Zacks Consensus Estimate of $1.54 by 14.3%.
) reported first quarter 2014 adjusted earnings of 34 cents per
American Depository Shares (ADS), beating the Zacks Consensus
Estimate of 22 cents by 54.5%.
Wesco Aircraft has a Zacks Rank #3 (Hold).
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